Market Recap: HP Shake Up, Gold Slaughtered, G20 Support
Markets closed up on Wall Street today: Dow 0.35%, S&P 0.61%, Nasdaq 1.12%, Oil -0.41%, Gold -5.12%.
On the commodities front, Oil (NYSE:USO) fell to $80.18 a barrel. Precious metals also got crushed with with Gold (NYSE:GLD) falling $90 to $1,652 an ounce while Silver (NYSE:SLV) plummeted 15% to $31.06 an ounce.
Hot Feature: What’s Next for Gold?
Today’s markets were up because:
1) Europe. Group of 20 finance chiefs have pledged to take action in combating the global economic slowdown and tackling Europe’s sovereign debt crisis. The market is still not convinced the Eurozone will remain intact, but there was enough rhetoric to keep markets floating into the weekend after yesterday’s bloodbath.
2) Precious Metals. Precious metals got absolutely killed today. Gold (NYSE:GLD) lost nearly one Benjamin while Silver (NYSE:SLV) dropped 15%. Wow! Speculators looking for an all-out paper printing event from the Federal Reserve seem to be covering their bets.
3) Tech. Shares of Hewlett-Packard (NYSE:HPQ) are trading lower today after Meg Whitman has been named to replace Chief Executive Officer Leo Apotheker. Whitman did a great job as CEO of Ebay, but experience actually matters and she has none where it counts for HP. In other tech news, Apple (NASDAQ:AAPL) launched its largest retail store in Asia in Shanghai today — the same day rumors surfaced availability of the iPhone 5 may be limited due to defective touch panels. Lastly, A new poll from The Street shows that 42% of Netflix (NASDAQ:NFLX) subscribers plan to fully cancel their subscriptions following the rise of Qwikster.